ACCA FA Chapter 2

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The Regulatory Framework

Accounting

ACCA

FA

Last updated 10:48 AM on 8/28/26
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10 Terms

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IFRS Foundation

public interest org that developed IFRS standards and promote it (DO NOT SET THEM) (APPOINT MEMBERS TO IASB, IFRIC, IFRS AC)

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IASB

International Accounting Standards Board

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IFRIC

IFRS Interpretations Committee

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IFRIC

issue guidance on how to apply IFRS and how to account for new issues (reports to IASB)

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ISSB

International Sustainability Standards BoardI

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ISSB

2021 - deliver sustainability-related disclosure standarsd

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IASB

develop set of accounting standards, achieve convergence with nat. standards

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IFRS AC

International Financial Reporting Standards Advisory Council

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IFRS AC

meets with IASB and consults with them about new issues

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IFRS acct stds prescribe how to …

recognize

measure

present (what heading)

disclosed (what info should be in the notes)